Febuxostat market is expected to gain market growth in the forecast period of 2022-2029. Data Bridge Market Research analyses the market to account to grow at a CAGR of 7.9% in the above mentioned forecast period and is likely to reach the USD 1,662.16 million by 2029.
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Febuxostat is referred to a xanthine oxidase inhibitor that is used to treat chronic hyperuricemia in persons with gout who do not respond to or tolerate allopurinol. Febuxostat lowers the amount of uric acid produced in your body. Gout symptoms are caused by a build-up of uric acid. Febuxostat is a medication that helps people with gout keep their uric acid levels from rising too high. Febuxostat is exclusively prescribed for those who are unable to take allopurinol or whose allopurinol has ceased working. Febuxostat oral tablet is a brand-name medication. There isn’t a generic version of it. Uloric is the brand name for this drug.
The rise in the incidences of gout across the world will act a major driver for the expansion of febuxostat market. Furthermore, increasing geriatric population and rising healthcare expenditure will expand the demand for febuxostat market. Additionally, increase in the demand from various end-use industries and growing government and non-government initiatives are the factors that will expand the febuxostat market. Other factors including rapid urbanization and rising awareness will positively impact the market growth rate. Another significant factor that will escalate the febuxostat market’s growth rate is the rise in the level of disposable income.
North America dominates the febuxostat market due to the presence of major key players, high disposable income and well-developed healthcare infrastructure in this region. Asia-Pacific is expected to grow during the forecast period of 2022-2029 due to the increasing research and development activities, improvements in the infrastructure of healthcare sector and growing government support in this region.
Some of the major players operating in the febuxostat market are Takeda Pharmaceutical Company Limited., Lupin, Sun Pharmaceutical Industries Ltd., Alembic Pharmaceuticals Limited, Hikma Pharmaceuticals PLC, Mylan N.V., HENGRUI USA, Teijin Pharma Limited, Macleods Pharmaceuticals Ltd., Schwitz Biotech, DivineSavior.in, APINO PHARMA CO., LTD., Emcure Pharmaceuticals Limited, UNIMARK REMEDIES, Bayeebio Biotech (Shanghai) Co., Ltd., and F.I.S. – Fabbrica Italiana Sintetici S.p.A., among others.
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